Most Anticipated Earnings: IAG-T, BDT-T and more Canadian Companies Reporting Earnings this Week (Nov 04-08)

Opinion about SLF-T: Insurance is the space to be, but is this the one to buy? Had some challenges with US side, though beat recently and trends are starting to be more encouraging. Really nice dividend. 9.5% growth rate, trading at 10.5x PE for 2026.If you own it, hold. But for new $$, he'd prefer…

Opinion about IIP.UN-T: Owns shares in business. Current share price a very good time to buy. Would recommend being patient, and holding for the long term. 

Opinion about BTB.UN-T: Most exposure is in Quebec. Lots of office space exposure. But could see a business turnaround. Would recommend buying and holding. 

Opinion about MR.UN-T: Focused on commercial properties in Edmonton. Faced a lot of pressure as we all started working from home. It appears to be being taken private by the parent company. 

Opinion about IFC-T: (A Top Pick May 15/24, Up 34%) Executing so well. High catastrophic losses, but ROE still at 16.5%. Underwriting beat. Strong Q4. Canadian and US commercial beat. Firing on all cylinders, resilient in this environment. Trading ~17.5x 2026, growing ~16%. Not a bad buy, but don't chase -- can probably get at…

Opinion about CIGI-T: (A Top Pick Nov 06/23, Up 63%) There's still upside. CIGI has benefited from rate cuts, since CIGI is in real estate. Peer CBRE announced strong results two weeks including double-digit revenue growth. There seems to be pent-up demand in the market. They use economic downturns not only to buy companies, but…

Opinion about IAG-T: (A Top Pick Nov 13/20, Up 33%) Has started buying back shares and paying dividends. Financials should do well as the yield curve steepens. Valuation is not as compelling as before. Middle of the pack. Has moved to US banks and non-financial banks in Canada.

Opinion about ELF-T: They own Empire Life plus investments including United Corp., which conservative, quality and long-term. Their long-term annual return is around 9%, good. You can buy this now at a discount to NAV, but still trails its historic discount. Are erratic dividend payers.

Opinion about BEI.UN-T: Immigration is not actually being lowered, it's more that we're returning to nice, stable growth. A lot of these people are going to move to Alberta, where BEI.UN has the majority of its properties. A lot of Ontario is moving to Alberta as well. The pro-energy trend will also benefit Alberta.In Ontario…

Opinion about DIR.UN-T: More of a GTA focus, plus some European assets. So we're relying on the economy once again. There was that huge boom in industrial during Covid, rents peaked, supply came on, and rents dropped. Likes it here, as it's still growing very well; lots of leases turning over in next couple of…

Opinion about CRT.UN-T: Similar to grocery-anchored. Suite of tenants connected to Canadian Tire. Very well structured with nice little increases in rent over time along with inflation. Really likes it. Very stable. With tariffs, he suspects that more of us will shop Canadian brands to support our Canadian economy.

Opinion about AD.UN-T: Good track record, meaningful insider ownership. Didn't like that it pays out most profit in distributions. Rather than retaining capital to grow, raises equity to do acquisitions. He likes companies being self-financed.

Opinion about ISC-T: Monopoly-type business. 30-year contract on Saskatchewan land registry services. Trades at ~8x EBITDA. Generates about 11% free cashflow yield. Yield is 3.5%. (Analysts’ price target is $34.00)

Opinion about FC-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research FC is a relatively small mortgage lender. The stock is cheap at 10X earnings, and it mostly trades for its 9.4% yield. The dividend has not been raised for at least 10 years, but it does pay fairly regular small special dividends…

Opinion about MFC-T: Doesn't believe Asian exposure is affected by US-China issues. Would only be affected secondarily if economy started to slow and people had less money in general. Nice recent beat. Still has momentum in Asia. Wealth management earnings were up 8%, even after the $43M charge on California wildfires. At 9.7x PE for 2026,…

Opinion about GWO-T: Growing very decisively. Done extremely well. A good way to get exposure to this is via POW.

Opinion about GRT.UN-T: Unique feature of large bays and international tenants, rather than smaller businesses. Europe, US, and Canada. Under extra pressure because of leases to MG; he sees no real risk there, as MG is very well run with low debt, actual exposure is ~3%. Industrial market has been punished unreasonably, good value for…

Opinion about CHP.UN-T: CHP.UN vs. CAR.UN CHP.UN is far more defensive. Great portfolio, with about 20% in industrial warehouse space (a sector he's quite bullish on). If you want defense, this is your better bet.With CAR.UN, you have to think about affordability and how defensive is the tenant base and the cashflow from that base.…

Opinion about CRR.UN-T: Looks quite good. Probably a good place to step in. The $13.50 level has had a lot of touches and a lot of support. Buy part now, see what happens. If it starts to accelerate from $13.50, buy more -- it's acceptable to pay more for something.

Opinion about KMP.UN-T: Very well managed. Company size is in the top 5. Originally focused on the Maritimes, which has seen a lot of population inflows. Expanding into other markets in Ontario such as Kitchener-Waterloo. Likes that they're experienced developers, always improving. Energy-efficient, new construction. Not facing high-rent pressures of others.

Opinion about FRU-T: He focuses on the top third of relative price performers in a group. The best companies tend to keep getting better. Decent assets, but relative price performance versus the market has been weakening since 2022. Lots of other opportunities for yield and dividend growth in the energy space. He'd prefer ARX or…

Opinion about UNC-T: Making changes to be able to invest more in foreign stocks. Wait to see how they do.

Opinion about DHT.UN-T: Applied similar royalty approach from mining sector to pharmaceutical business. Allows for new development in pharmaceutical business. Capital light business. Second listing in the world of this nature. Very cheap valuation, trading ~1.3x book value. Excellent long term prospects. 

Opinion about ERE.UN-T: Doing the right things, but public market is not rewarding it. Selling assets piecemeal until the REIT is liquidated, now about 50%, and distributed income to investors. Hold on, still lots of value. Could buy comfortably here as it's trading below $2.50 per share, but assets arguably are worth $3.

Opinion about DIV-T: Royalty models do better in bear markets. Costs are nil, so it's a stable business. Well run. Mr. Lube over time has taken market share. Stock's pretty illiquid, make sure it's covering the dividend. Hold or buy. Yield around 8%.

Opinion about DRR.UN-T: Focused on assets in US. Has never traded above its IPO price. Pursuing strategic alternatives; if you own it, see how those go.

Opinion about PAY-T: (A Top Pick Jan 15/24, Down 41%) Probably his worst pick ever on the show 🙁  Big disappointment. Lost biggest customer, which made up ~60% of revenue, and he'd underestimated the likelihood of that happening. Company sold at a good price to FISV.

Opinion about HOT.UN-T: They own U.S. hotels, a high-risk, high-reward stock. He's bearish on hotels, which is struggling with labour costs and keeping labour. HOT.UN has done a good job restoring vacancies, in the low-70s, though their peak was in the 80s. However, they've made up the balance on their hotel rates. Their balance sheet…

Opinion about IVQ.U-T: High risk, high return. Thinks highly of management. Good job growing portfolio. Exclusively in US, but listed in Canada. Healthcare sector. Not obvious what the catalyst will be for the stock. More security owning the debentures. Can be binary as to whether cashflows will support current distribution. Not for the risk-averse.

Opinion about IGM-T: Stockchase Research Editor: Michael O’Reilly With $144 billion in assets under management, we reiterate IGM as a TOP PICK.  Cash reserves are growing while shares are bought back.  It trades at 11x earnings, under 2x book and supports a respectable 12% ROE.  The robust dividend is backed by a payout ratio under…

Opinion about CAR.UN-T: Most broadly balanced across the country, though it is more focused in Ontario. Largest, so it's the most liquid; very easy to get in and out of. Selling older properties with higher energy and maintenance costs. Loves the cycle of selling old, get the capital, pay down debt, buy newer properties. Buying…

Opinion about DFY-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research EPS was 65c, missing estimates of 71c; revenue of $1.00B missed estimates of $1.02B. Written premiums rose 9.6%. Combined ratio was 94.5% (more accidents and catastrophe losses). EPS was flat year over year, ROE was 10.3%. Book value rose 16%. The stock…

Opinion about CIX-T: (A Top Pick Sep 11/24, Up 81%) Taken out at $32.

Opinion about GSY-T: A good company, but this space faces regulatory pressure when it comes to interest charges. He owned this a long time ago. Provides shareholders decent returns over time.

Opinion about EIT.UN-T: It is a basket of common stocks including big U.S. companies. He is not sure about it but it is doing well for the caller. Income is the focus.

Opinion about AIF-T: Are now a pure-play tech company after selling non-tech businesses. With that cash, are buying back shares. They globally lead in software for data analytics valuing and monitoring commercial real estate assets (banks, insurance companies and property managers are clients). 75% of revenues are recurring and high margin. Trades at a huge…

Opinion about TSU-T: (A Top Pick Sep 10/24, Down 14%) Took write downs on non-core business operations. Now focused on growing highly profitable businesses that are generating very good combined ratios, both in Canada and US. Book value per share has increased. Great buying opportunity. 

Opinion about FSZ-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research The $4B withdrawal is fairly serious, though FSZ does have $166B, and it continues a trend of some assets leaving the company (including money that earlier flowed out to Pinestone following Nadim Risk's departure in 2021). On the plus side, it is…

Opinion about CF-T: Management wants to buy it out but there are two conflicting groups of shareholders. The employee shareholders want the lowest price possible while the outsider shareholders want the highest price possible. This type of conflict is not good. Value it as a whole, not on the split-up of parts.

Opinion about GCG.A-T: (A Top Pick Jul 14/22, Up 43%) Sold off one division for lots of money. Significantly undervalued, worth $60. One of the big banks could come calling. Amazing management. Share buybacks. Huge, regular dividend increases.

Opinion about AX.UN-T: In transition, difficult to analyze. Not really covering its distribution. Investors hoping dividend won't be cut.

Opinion about ECN-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research ECN is, at least, up 58% in the past year (down 16% YTD). Considering its economic exposure and small size, its decline is not really out of line with others. That being said, it is hard to be too bullish here. Consumers…

Opinion about HOM.UN-T: Performed well, but up against a lot of new construction in their markets. Difficult to raise rents in 2024. Trades at discount to NAV. If you like a stock levered to the US economy and US dollar, not a bad name. If you own it, hold. Earnings won't necessarily inflect materially this…

Opinion about PLZ.UN-T: Maritimes and Quebec. Loves this kind of property with a Shopper's Drug Mart, a bank, a liquor store, that kind of thing. Highly respected management team, really good expertise in their sub-markets, staying in their lane. Steady investment.

Opinion about MRD-T: (A Top Pick Nov 23/23, Up 2.9%)Stockchase Research Editor: Michael O’Reilly Our PAST TOP PICK with MRD has triggered its stop at $12.  To remain disciplined, we recommend covering the position at this time.  This will result in a net investment loss 4%, when combined with our previous guidance.   

Opinion about BPF.UN-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research. Debt becoming a concern. Delivery and take-out only sources of sales. Special dividend paid this quarter. Dividend reinstated at a lower rate.

Opinion about GDC-T: Prefers Melcor Developments (MRD-T). When there have been housing difficulty like there has been, it’s extremely difficult for stocks like these.

Opinion about OLY-T: (A Top Pick Mar 21/24, Down 3.9%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with OLY has triggered its stop at $98.  To remain disciplined, we recommend covering the position at this time.  

Opinion about ONEX-T: (A Top Pick Dec 31/24, Down 4.4%)Stockchase Research Editor: Michael O’Reilly Our PAST TOP PICK with ONEX has triggered its stop at $108.  To remain disciplined, we recommend covering the position at this time.  When combined with our previous guidance, this will result in a net investment gain of 6%.

Opinion about BBU.UN-T: A way to participate in Brookfield's excellent track record of private-equity investments. Owns companies like the largest residential mortgage insurer in Canada, and one producing low-voltage automotive batteries globally. Big discount of ~30% to NAV. Yield is 1%. (Analysts’ price target is $45.46)

Opinion about MKP-T: Lending in real estate finance. Very interest-rate sensitive. If you think interest rates are going to rise, as in 2022, then it will underperform significantly. Will do better if rates fall. Thinks the BOC has a bit more to go on that, so there could be a bit more upside.But the stock's…

Opinion about AIM-T: Event driven investment (not long term) based on cash on the balance sheet. Lots of cash on the balance sheet. Estimate sum of parts share value is $7 when currently trading at $4 on the markets.

Opinion about DC.A-T: (A Top Pick May 31/24, Up 42%) A better choice for those investors who like to be in the juniors, but who do insufficient due diligence. Buying this lets you participate in the process of merchant banking for natural resources. It's like owning a mutual fund that pays you a dividend, instead…

Opinion about TIH-T: Long-term wonderful company. Very little debt. Sells, rents, and leases equipment. If economy slows, can fall back on revenues from servicing equipment. Increases dividend ~10% a year. A stock with a lot less volatility, which can grow slowly over time. Decent time to buy right now.His 3 Top Picks today are based…

Opinion about CJT-T: Economic uncertainty contributed to the pullback and it is down quite a bit. It is a secure, slow and steady type of company. It has a dominant position in the overnight courier business in Canada. It is in a range where you could start to accumulate.

Opinion about ALC-T: Owns lots of ships on the Great Lakes and trans-ocean. Very capital intensive, renewing its fleet, spending 100s of millions of dollars. Economically cyclical. In Q1, usually loses money; this year, lost less. Cautious 2024 outlook. Illiquid, trades almost by appointment.Note that there are some convertible shares coming on the market at…

Opinion about ECO-T: He is one of the largest shareholders in this. They now have 2 commercial mills up and running with their DuraBind products. They make the binding that goes into IKEA-like furniture. Not into IKEA yet, but there is a good chance they will be. IKEA has announced that they want all their…

Opinion about PPL-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research PPL fell recently on news of lower tolls, but this of course comes with the territory of a regulated business. Considering its valuation, stability, cash flow and dividends, we would be comfortable buying a full position for income primarily and some long…

Opinion about BDT-T: Really likes. Numbers are fantastic. Within the engineering/construction space, this is the one to own. He hasn't bought more as his method is to buy stocks as they're working higher, and this one wasn't. Trades at 6-7x PE, with ROIC north of 20% every year. Excellent management. Consistent, large contract wins.

Opinion about AFN-T: Frustrating, he sold. Numbers good, but continues to have lots of problems in its farm business. Commercial side's been pretty strong. Some of its geographies have been weak. Guided down. Not worth it, look elsewhere.

Opinion about BLDP-T: Renewables at lower cost rates don't work; you need the subsidies. But what does work are large-scale hydrogren projected. Not sure about small-scale like Ballard.

Opinion about MAL-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research The stock is cheap, and acting better. The sector (in the US, mostly) has been seeing some good numbers recently. It hit a 52-week high this week. We think it can be held, and >$10 is possible, even $12 under good conditions.…

Opinion about WJX-T: Medium-quality, in the competitive industrial space. Not a long-term compounder. Exposed to all kinds of risks including tariffs. Capital intensive; real FCF not as high as it appears. 

Opinion about DE-X: He was in on the IPO a few years ago. Wood-burning stoves is a large business for them, plus agriculture and some industrial. They acquire and integrate small businesses in order to lead the market. It pays a high dividend. During Covid, business in some parts spiked, but after Covid, their YOY…

Opinion about TTNM-T: He does not own it because he has a lot of TFII-T. TTR-T struggled with balance sheet issues which seem to have been cleared up. It is a wait-and-see for him.

Opinion about TSL-T: (A Top Pick May 08/18, Down 36%) They were doing things to turn things around. They made net income last year and then Trump tariffs killed them. But they said they are going to turn around the tariffs. He is going to look and see if it is time to buy back…

Opinion about NTR-T: Within the chemicals space, the fertilizer stocks are much more interesting and have a better technical setup. Recently bought this name. Commodity-oriented space is continuing to firm up. Very long-term base going back to 2016 is being tested, with higher lows.

Opinion about WSP-T: High-quality company in a high-quality part of the value chain. Valuation is the only sticking point. Expect them to buy more of their competitors and integrate them well. Good core, long-term holding. Pick your spots.

Opinion about GFL-T: (A Top Pick Sep 11/24, Up 23%) Wonderful business run by really good people. Recurring cashflows. Trades at lower multiple than major competitors and growing faster. Lots of chances to improve operations.

Opinion about SJ-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research EPS of 93c beat estimates of 71c; revenue of $730M beat estimates of $693M. EBITDA of $115M beat estimates by 6%. Sales rose 6.1% but EBITDA fell 4.2%. Railway ties showed strength, up 17%. Guidance was affirmed. Commentary was much more positive…

Opinion about PBH-T: Good stock, but frustrating. Has climbed back from downdraft last fall because investors have supported it on valuation. Growth plans are realistic, and will probably execute on them. Some upside momentum. Difficult space to be in right now -- tariff and trade uncertainty, plus affected by the economic outlook in NA. If…

Opinion about MX-T: Doesn't use physical stop losses because traders can head-fake the retail investors, push them out of a stock, and then swoop in. Instead, he uses a "mental stop loss" and it's always based on support. For high-beta stocks, you have to give it a bit more room because things can whip around.He…

Opinion about CURA-CSE: Large issue with the company is legalizing the products(marijuana). Another worry is the over supply of products in the market. Federal laws against marijuana in USA make it hard to deal with expenses that are not deductible (100% tax rate). Could be a good investment if US legislation changes. In the meantime,…

Opinion about SPB-T: Dividend wasn't sustainable, got cut. Game-changer for him, as now this name offered value (instead of income). Analysts are now starting to reward that decision. Very good footprint feeding into long-term energy demand.

Opinion about NFI-T: Competition has withered away. Pays no dividend. He's held this through some tough periods. The problem with a seat suppliers seems to be resolved. Huge backlog. They can withstand tariffs. If they deliver some buses in Q2, 3 and 4, the stock will look good in 12 months. (Analysts’ price target is…

Opinion about IFP-T: It has a higher level of production in the U.S. so would be less affected by tariffs than other Canadian lumber companies. The U.S. needs Canadian lumber and one quarter of production from B.C. goes to the U.S., -  but lumber is still needed for B.C.

Opinion about CHR-T: Owns shares in company. Has done well the past year. Expecting further upside going forward. Dividend is expected sometime soon. Subcontracting business from Air Canada very good for reliable revenues. Price multiple not as high as it should be. 

Opinion about GRA-T: Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Momentum is solid. The fundamentals are improving along with profitability. Debt relative to cash is also improving. Market cap has reached $520M with insiders owning 10%. Not profitable yet although revenue is ramping up. Expensive but revenue growth looks good. Unlock Premium - Try 5i…

Opinion about CKI-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research The stock has really jumped over the last month and the most recent news we see is relating to CKI renewing its NCIB (share buyback plan). CKI plans to buyback 5% of outstanding shares over the next year. Results vary significantly period-to-period…

Opinion about WEF-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research WEF has rallied with interest rates, which help the sector, but is still down 26% for the year and 37% over 52 weeks. Note the dividend was cancelled in November 2023 and none is paid currently. This week WEF announced it would…

Opinion about BOS-T: Company performing very well. Rubber products very profitable. US growth continues with defensive spending. Management team performing well with good strategic review. Expecting company to focus on traditional rubber compounding business - will increase cash flows. 

Opinion about IAN-CSE: Comparable to Medmen Enterprises. American-based sales of legal cannabis, with operations in six states, including the 48 million people of Massachusetts, Florida and New York. They have one of the 10 licenses in New York and one of the 13 in Florida. This is one of her largest holdings. Â There have…

Opinion about SWP-T: He sold his shares a few years ago, because SWP would need a lot of capital to move their plant (to meet higher demand). The results have been pretty good, but the prices have also risen. Also, they face competition and need more capital to complete further expansion. So, they have taken…

Opinion about BBD.B-T: Demand is off the charts. Bump in the road right now is about tariffs on parts, steel, aluminum. Much different business than before. Generating lots of free cash, balance sheet improving rapidly. Manufacturing is a tough business, and he'd rather a segment with more certainty with a stock like TDG.

Opinion about GTII-CSE: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research With continued negative stock momentum, some debt, and not a lot of growth expected (estimated EPS this year less than 2021) it is hard to get too excited about GTII. There has been some insider buying which is a good sign, but…

Opinion about EIF-T: Extremely well managed. Trying to buy a company in Australia that does search & rescue there. Likes it, in his income fund. Profitable businesses that are protected, with opportunities to grow.

Opinion about LAS.A-T: (A Top Pick Oct 26/21, Up 15%) Stock fell soon after recommending, he sold, now it's recovered. Good company. Supply issues and inflationary pressures have normalized. Pretty good value at 11-11.5x PE. Watches it; could potentially add on a pullback.

Opinion about CAS-T: Huge new facility is coming onstream, and fundamentals in containerboard are more solid than in the very competitive tissue market. Facility over budget, so will take a while to get a return. Focused on debt reduction.

Opinion about DBM-T: Supplier to HD. Has gone down on recessionary fears. One of the big holdings in his income fund. Canada and US need to build more houses. Well run. Not a risky business. Big fat dividend yield of almost 9%.

Opinion about ANRG-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research The restructuring brought in $40.8M, but now one investment entity owns 60% of the company. It gives the company money to survive, but it may be a while before it prospers. Of course, issuing 102 million new shares (at least, with 20…

Opinion about CRP-T: (A Top Pick April 3/14. Down 12%.) A fully integrated agricultural company with a railroad to their elevators along with production of legumes and wheat. Thinks it should deliver quite nicely this summer because of what is going on in California. Feels drought is going to haunt us from a food inflation…

Opinion about SXP-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research EPS of 9c missed estimates of 17.5c; revenue of $72M missed estimates by 2%. EBITDA missed by 11%. SXP is down significantly over the last twelve months by ~42% and recent earnings pointed towards declining profits and revenues. Revenue fell $6M. Earnings…

Opinion about LCFS-T: Flagship renewable diesel project coming online next year.

Opinion about EXRO-X: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research The company saw a big pop in 2021 on EV hype for the Coil Drivers it sells. It has never really had significant revenues or positive free cash flows. If EV demand booms the stock could do better, but overall we are…

Opinion about FLY-X: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research. Profit of 1c per share beat estimates of -1c. Revenue of $7.2M beat estimates by 11.4%. EBITDA was positive $1.17M vs an expected loss of $305,000. Sales rose 186% so certainly a nice improvement. Margin was 67% up from 49.5%. Profit was the highest…

Opinion about HRX-T: Very strong Canadian company that doesn't get enough attention from the markets. Last quarter starting to prove business prospects. Landing gear in very high demand within airline sector. Trading at discount to other names in the sector. Very high barriers to entry within the business. Margins continue to expand - will be…

Opinion about CL-CN: CURELF-N vs. CL-X. He really made a focus on the US for cannabis. He thinks the US MSOs have a tremendous amount of room to go. CURELF-N is one of the leaders. CL-X just did a deal in California, which is one of the biggest markets out there. He likes both of…

Opinion about WEED-T: Good for marijuana exposure. Speculative, but quality. 

Opinion about TBL-T: There were a couple of subtle things went on with the trust conversion which discouraged a lot of investors. An illiquid stock. Most of their exposure is in B.C. and Alberta where housing is still very strong. Thinks we're at the peak of a cycle so don't have it as a long…

Opinion about XLY-T: Their model is based on getting royalties off the cannabis companies they produce. They've done some smart deals and have been able to put pressure on producers who needed money. Not sure why it moved so down today.

Opinion about TPZ-T: Top of the heap for what he'd want to own in terms of O&G royalty companies and infrastructure.

Opinion about KEY-T: Last quarter was a nice beat. Asset sales. Sizeable projects seem to be making progress. Low leverage, low payout ratio with nice dividend, lots of volume growth on existing assets. Lots of upside from new project announcements. Natural gas plus getting it offshore are real tailwinds for Canada. Trading ~16.3x 2027, not cheap,…

Opinion about MEG-T: They received the second hostile bid in 10 years from the same company. He opposes this deal. The bid is laughable, massively undervalued. Unique, MEG has a super-quality single Oil Sands asset. Modest growth over time. They use all free cash flow to buy back stock. At $70 oil, MEG could buy…

Opinion about IPCO-T: Also a Lundin Group company. Consistent in buying back shares. Stock's substantially undervalued. Heavy oil producer. Potential beneficiary of de-bottlenecking Keystone. No dividend. (Analysts’ price target is $20.27)

Opinion about PXT-T: Yield is 13%. Dividend not sustainable. Great candidate for tax-loss selling, and buy another high yielder (such as WCP) with the proceeds. WCP has meaningfully better assets, reliable management, with no Colombian geopolitical risk. 

Opinion about SOIL-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research At less than 4X earnings, the stock is one of the cheapest within the sector (no dividend). The stock is down 21% YTD and 35% over one year. Debt is pretty high at 2X cash flow. Revenue has grown nicely, but earnings/cash…

Opinion about VET-T: If you own, sell it and buy names like WCP, which pays a higher dividend.  VET's bases are scattered around the world. VET poorly executes.

Opinion about CEU-T: He's tempted, but difficult to see a near-term catalyst. Extremely strong balance sheet, very competent management. Gaining market share. Niche player. Closest competitor is not as good. Spending environment not good for service companies. Stock will struggle. He'd prefer pure-play oil yielding 9-10% or natural gas.

Opinion about FEC-T: (A Top Pick Jun 15/23, Down 16.7%)Michael O’Reilly Our PAST TOP PICK with FEC has triggered its stop at $10.  To remain disciplined, we recommend covering the position at this time. This will result in a net investment loss of 18%, when combined with previous recommendations. 

Opinion about CFW-T: Oilfield services firm that has big fracturing technology presence. Horizontal drilling and shale boom not as strong. Very dependent on energy prices. Lots of assets that must be carried on the books. Not investing at this time. 

Opinion about PNE-T: Nothing wrong with the assets or management. It's just the market cap. Current environment is not conducive to meaningful outperformance by small caps. Small-cap model in Canada is essentially obsolete, they just can't afford to drill. Consider taking the tax loss. See his Top Picks.

Opinion about PRQ-T: They have two plays. It is pressured because of debt load. Production came down in the third quarter and should now increase. They should knock debt down with the sale of two non-core assets next year. It needs a catalyst before the market will revisit this story.

Opinion about IPO-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research IPO is a small cap oil and gas company. It is down about 10% over the last year, but has been trending up year-to-date. IPO also pays out a high yield at 7.7% and is cheap on a forward price-to-earnings basis at…

Opinion about SHLE-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research EPS was $1.74 for the Q1 and it is buying back stock as well. The stock is exceptionally cheap but that has not prevented a 29% YTD decline. The balance sheet is a bit levered but nothing too concerning. Insiders own 14%…

Opinion about GXE-T: Company share price is reflective of lack in interest in small energy names (market cap too small). Company needs to sell itself in order to generate value. Better options for investors out there. 

Opinion about JOY-T: They brought in a partner this summer to help develop the East Duvernay. They still have too much debt. She is watching it but not recommending it. Not everything is cheap in this sector, still have to selective.

Opinion about BNE-T: Their debt has always been an issue. Trading at in-line levels for their multiple. Does not check his boxes in his fund.

Opinion about TRP-T: (A Top Pick May 10/24, Up 50%) Catalyst was spinoff of South Bow oil pipelines, so remaining energy would be "clean". 

Opinion about OVV-T: Natural gas (59%) play in the US. Went off the radar of Canadian investors. Good deal here. Q1 free cashflow beat by 16%, lower operating expenses, modestly higher liquids. Buybacks. At 3.8x, cheaper than peers at 5.5x. Decent production, flat cashflow per share. Balance sheet a bit more indebted than peers.

Opinion about PSI-T: (A Top Pick Jul 30/24, Down 10.4%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with PSI has triggered its stop at $15.  To remain disciplined, we recommend covering the position at this time.  

Opinion about CJ-T: Bought at $8.50, now at $6.64. Sentiment remains challenged in the space (a common theme today), even though the Energy Index is up about 20% YTD. People are hiding in large caps, with few funds coming to small- or mid-caps. Hard to see it outperforming. Yield is 10.7%, pretty hard to replace.…

Opinion about KEC-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research Trading is thin, despite its $480M market cap. Sales had a big drop, to $114M from $159.5M, as prices declined. EPS fell more than half to $1.09 vs $2.57. Production of 24,707 fell slightly. With lower prices, the only way to improve…

Opinion about TOT-T: Well-run company. Always trades at a bit of a discount to the sector because of the nature of the business. Not a bad one to get into.

Opinion about RBY-T: Doesn't believe in quality of assets. Company too new to determine whether a good investment. Good management, but not buying shares. Exploration oriented company.

Opinion about QEC-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research QEC is a very small oil and gas company with market cap at $94.27M. QEC had a flat year in terms of price in 2023 but did display some volatility. Both revenues and net income margins had negative growth in Q3. The…

Opinion about MCB-T: A week or two ago, stock popped on excitement over a new product that will lead to some recurring revenue, cut costs, and improve safety. 2025 will be a good year, but product is still being tested and rolled out. Pivotal year will be 2026. Trades at only 6x PE, profitable, great…

Opinion about CNE-T: A Colombian natural gas producer which enjoys a favourable U.S. price of US$3.60. Production will rise as more customers and pipeline capacity are found. There's a shortage of natural gas in the country. It pays a nice dividend of 5.6%. He has a $5 target. Buy below $3.40. (Analysts’ price target is…

Opinion about OYL-X: Did a shareholder vote and Pacific Rubiales (PRE-T) will be assuming the management of the company. Drilling off the coast of Guyana. Got to about 1000 feet of the target. Because of gas creating a lot of pressure, they couldn’t finish the drilling. Potential is still there and could be a world-class…

Opinion about PMT-T: Pengrowth (PGF-T) and Perpetual (PMT-T)? Had some challenges with their balance sheet over the last couple of years with the collapse in oil prices. This one would be a little riskier. If you really see a big jump in commodity prices, this probably has a lot more upside than Pengrowth (PGF-T).

Opinion about KEL-T: Has deep assets, which they won't sell for 9-12 months, as they add others. He can't own every midcap, though this is good.

Opinion about E-T: Very high margins, using nat gas instead of diesel for generators in its power division. Power division is growing quickly. Chart is beautiful, more room to run. Anticipates a $4-5 stock.

Opinion about HWO-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research Splitting the company into two to separate the PNG business makes sense to us. The return of capital could be as much as 76c per share. This all sounds attractive...BUT....it is already a very small company. With less capital, and a split,…

Opinion about ORA-T: Had some execution problems in a number of their mines. Also recently lost their CEO. Since then, he has dramatically reduced his position. At some time he will increase his holdings but there is no rush at this time.

Opinion about VNP-T: Based in Montreal. Supply specialty semiconductors and performance materials. Customers such as a manufacturer of solar panels. FSLR in the US, one of VNP's biggest customer, guided down. Stock dipped. Need to get a handle on tariff impact. Not growthy enough for him.

Opinion about K-T: Whole bunch of decent assets, including a new one in Ontario. Stock will either go up of its own volition, or get taken over. Stock's performed well due to good cost containment. Good production growth and pipeline. Firing on all cylinders.

Opinion about PAAS-T: Sold off aggressively after acquisition. Reasonably good job paying down debt. Guatemalan assets will probably restart in 2024. He notes that he's a close personal friend of the CEO.

Opinion about ARTG-X: Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Has lots of cash but does not have revenue. They have interesting assets. Good potential with $200M in cash to develop its properties. Management is working aggressively to quickly build out the company. Unlock Premium - Try 5i Free

Browse a daily summary of experts opinions on stocks and stock investment information.

Opinion about DPM-T: Dundee is nowhere as large as Barrick, Franco Nevada or Agnico Eagle, which comprise a third of the Canadian materials sector, but it has outperformed it so far in 2024. Dundee shares have rallied 8.5% in this time period while Barrick is down over 16%. Also, Dundee holds more potential upside. Consensus…

Opinion about LIF-T: Income derived from royalties plus 50% ownership of a mine that's run by RIO, a world-class operator. Difficult Q1; guiding that things will be made up over next 3 quarters, so full-year forecast remains. Dividend is attractive. Issue is trying to make this mine consistent, and a lot of capital's been spent.…

Opinion about EDR-T: Silver has disappointed investors over the last 3 years; all are in the penalty box. He's attracted to silver. Portfolio comprised mainly of second-tier mines, and he prefers larger mines at the lower end of the cost curve. When the market turns around, and it will, EDR will participate.

Opinion about ORE-X: In Western Africa, this miner is looking for funding. It is not the exciting part of the cycle as they are in the de-risking mode. Investors are looking for projects that double resources. Institutional investors are not yet stepping in the space.

Opinion about NCP-T: A small, very speculative land holder in Canada. Higher nickel prices may push this stock higher

Opinion about FNV-T: Gold's done well. She typically doesn't invest in commodity sectors. If you want gold exposure, one preference has always been FNV because of its royalty structure. This means you don't have to worry too much about operating costs of the underlying mine. Performed very well long-term over the cycle.

Opinion about AGI-T: (A Top Pick Apr 12/24, Up 79%) This name continues to work, entire space has been on fire. The kind of chart you want to see. For precious metals, we're approaching negative seasonality (July-October). Will probably see a pullback over next couple of months. If you own, set some risk-control levels. If…

Opinion about BTO-T: Longtime shareholder and friend of founder/CEO. Behind schedule and over budget on mine in northern Canada. Very remote location, logistically challenged. If that can get resolved, expects stock to be much higher. Stock's extremely cheap from a sum-of-the-parts point of view, but there is completion risk (which, ironically, you can't quantify until…

Opinion about OR-T: Not to be confused with Osisko Mining, OR-T is a pure-play royalies streamer in precious metals, and minerals have been hot on the TSX so far this year. OR-T is up nearly 19% or three-fold the Toronto index's performance. As gold makes new highs almost every day, OR continues to shine. It…

Opinion about TXG-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research TXG is a small-cap gold producer with assets located in Mexico. TXG has generated decent cash flow over the last few years with strong organic growth. The company has been reinvesting heavily back into the business through capital investment. Therefore, TXG does…

Opinion about RUS-T: His fundamental analyst on this name rates it "outperform" and doesn't see 50% tariff ramifications as huge. Higher highs, higher lows. Since tariff tantrum, has really started to pick up and try to push higher. Likes the setup. If he's right about the rally into August, should retest recent highs around $46.…

Opinion about OSK-T: (A Top Pick Mar 03/20, Down 6%) Operate a Quebec mine which coming along, and produces 6 million high-grade ounces underground. They're targeting September for their resource update, and the feasibility study in 2022. The right people are in place. He thinks there's more exploration to come in this mine. He used…

Opinion about WDO-T: (A Top Pick Apr 29/25, Up 14.3%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with WDO is progressing well.  To remain disciplined, we recommend trailing up the stop (from $13.50) to $16.00 at this time.

Opinion about SSRM-T: One of the most senior producers of silver. Silver is better than gold, as the bulk of silver production comes from copper mines. Silver just crossed $24, and there's lots of upside. SSRM has a $28 price target. He wants something that will benefit once inflation is realized.

Opinion about ASTL-T: Amid new tariff threats. Go back to the 2017 timeframe and look at the last time he did this with steel and aluminum. Cheap for a reason. Need a high tolerance for risk and volatility to put a position on right now. These names are down, compared to US names that are…

Opinion about ODV-X: It's time will likely come, but he has a hard time understanding the geology of the project. He doesn't own stocks where he doesn't understand the geology. He holds OR instead. 

Opinion about FDY-T: Looks like an interesting exploration/development company.Will watch company to see how results pan out.Financial certainty a concern.Might buy shares down the road.

Browse a daily summary of experts opinions on stocks and stock investment information.

Opinion about FF-T: (Market Call Minute.) Great execution with a $500 million market cap. Thinks it is ahead of itself. It is expensive.

Opinion about AMX-X: $45 million market cap. It has a gold project in western Quebec and hitting some high-grade at less than a meter, 600+grams/tonne. Their issue is continuity: will this grade continue? Now, it is an interesting play. Brent Cook: It's a narrow, high-grade vein but could be diluted which is a concern.

Opinion about LGD-T: Likes management. Note that there is nothing immediately happening. It’s not something to chase, but just accumulate over the summer. Turkey is not bad at all, it is a democratic system. Their mining code is working. He thinks they have permitted 10 mines in 10 years. This company is technically very, very…

Opinion about MPVD-T: Sees no change to the dividend theory. The 3 Irish business millionaires actually control the company and are holding it long-term for the dividends. The company has some costs going on disadvantaging it. The diamond sector itself has not produced really stellar performance. This is a “wait and see”.

Opinion about MGM-X: Doesn't like the sole risk exploration. If the story develops the people behind the company have the financial connections. The terrain is legendary gold ground. he can not make the data work for hi to buy it.

Opinion about ABX-T: Still digesting all its M&A. Mines located in places with higher geopolitical risk. Good run because gold's had a good run. Instead, she owns AEM.

Opinion about WPM-T: Rather than owning royalty companies, he prefers the leverage of E&P companies. Attraction of royalty companies is you don't have direct commodity or operating risk, though there is indirect risk. Instead, his choice would be AEM.

Opinion about CCO-T: It's in the right space, uranium, given demand for nuclear power. The share price is high, so wait for a pullback. Also, commodities are volatile. A well-run company.

Opinion about LUG-T: Highly ranked stock acting extremely well. RSI doing well. Stock's currently in an uptrend, and gold is trending upward. Gold is consolidating around $3000. 

Opinion about EDV-T: Owns shares in company. Troubled by CEO replacement, however assets in West Ghana are valuable. Will continue to hold. Has lots of value in company. 

Opinion about IMG-T: Consistent theme across his Top Picks will be companies that are going to rerate, due to new projects or a shift in business.This one has benefited from strong gold prices, but real upside will come from the Cote gold mine around Sudbury. It will start to operate at full speed by end…

Opinion about AG-N: A fan, but doesn't own. Recent acquisition will help use free cashflow against tax-loss carryforwards. Won't buy until he sees resolution of issue at Jerritt Canyon. Big fan of CEO and track record.

Opinion about DML-T: Focused on uranium, where seasonality is strong from September-January. Lots of volatility. Performed well, then pulled back, did well. Doing better than others in the space. Favourable in medium- and long-term.Lots of positive announcements in the sector, but the stocks have not responded because all the focus is still on tech, not…

Opinion about SSL-T: Mistakes in capital deployment were made about 3 years ago. Believes Turkiye mine will go into production, and cashflow will really change this company. Now using FCF to pay down debt rapidly. Either share price goes up, or company is taken over.

Opinion about FOM-X: (Top Pick Jan 10/12, Down 5.00%) In general resource stocks have been difficult. It is with the crowd. Massive VMS deposit adjacent to Hudbay. At some point it will be developed and patience is required. Hudbay could expand by buying this one.

Opinion about SVM-T: Part of syndicate that brought company to markets. Financials in China a little opaque, but company has been generous to shareholders through dividends and buybacks. Would recommend buying. 

Opinion about ALS-T: Ranked as a 4 in his system, which is high praise. Holds management team in high regard. Wonderful asset allocators and patient investors. Recently entered into royalties for renewable energy.

Opinion about ERD-T: The fact that TECK.B is a shareholder speaks well for it, and he should pay attention to that. Explores and develops copper and gold in Mongolia.

Opinion about AOT-X: He owns this. It went through a major acquisition last year to consolidate their holdings in Northern BC. This mine will become productive in the next couple of years. The issues they have had are being resolved. He will continue to hold it.

Opinion about ITH-T: Primary asset is an Alaskan property Livengood. Have been in the process over the last 3-4 years of proving it reserves. Interesting way to play gold because of volatility of a junior so be careful what you allocate to it. High potential development and pretty well developed infrastructure setting. Obvious takeover target…

Opinion about BSX-T: They have a large Brazilian gold deposit. The problem here are indigenous people challenges there and a government contract that pays out a crazy amount to the managers. This payout is not aligned to the shareholders' interests. Then again, it's a cheap stock vs. gold in the ground.

Opinion about DIAM-T: They have option agreements with major partner Rio Tinto, but these have been under dispute for the past year. It's worth tens of millions of dollars. The stock has fallen because of this battle; investors have lost patience. He owned this before the legal battle and didn't want to wait for it…

Opinion about AMM-T: (Market Call Minute.) In a big gold system and he likes it.

Opinion about MTA-X: To manage risk, he sets up his portfolios starting with the biggest, which is FNV. More diversified than OR. He also owns OSK proper.

Opinion about ELR-T: Shut down production recently. This type of situation is what usually happens at the bottom of a cycle, although this one may not be around to enjoy the upside of the cycle.

Opinion about KRN-T: (Market Call Minute.) Feels the potash market is oversupplied.

Opinion about CVO-T: Good job overall, well run. Exposed to some of the AI trends. Sizable competition for what they do. He's conservative on whether it can differentiate itself in the coming years. Must show it can get the big, multi-year contracts.

Opinion about NVEI-T: Has lagged the Canadian tech sector. Used to own, wouldn't be back in soon. On its recent partnership with ADBE, he tends to own the big payment systems like MA and Visa, big beneficiaries of the resurgence in the economy. 

Opinion about GIB.A-T: Global operations; with Canada representing ~15% of revenue, US ~30%, 44-45% in Europe and UK. Outsourcing (~55% of the business) has long-term contracts, so that's defensive and not as cyclical. Consulting side tends to be more economically sensitive. Stock's pulled back ~17% from highs in February. About 14% of revenue is from doing…

Opinion about DND-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research Under activists' pressure, the CEO has decided to step down, which was likely because the company decided it was going to lose anyway in the upcoming special shareholders' meeting. DND says it has received expressions of interest from ''inbound parties', at 'attractive…

Opinion about KSI-X: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research We like KSI, and we even covered the name in one of our latest podcast episodes (link to our discussion on KSI can be found here). KSI is a $630M healthcare SaaS company that provides solutions for data and document management. Good sales…

Opinion about DRT-T: Customized, prefabricated environmental office interior solutions. High net cash position. Significant upside because of their flexible business model. Surge in office reconfiguration taking place across North America. Top management. No dividend. (Analysts’ price target is $3.46)

Opinion about SEV-T: Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Backlog reported looks better with $4-5M in revenue expected in the second half of this year. They have received a large new order from China. They also secured a $5M in equity financing. Risks are high with market cap at $28M and…

Opinion about ART-X: 3D holograms. A year ago, it was 12-14 cents. Fallen off the radar, such a shame. Cutting edge. Product is pricey. Lots of pharma companies use it.

Opinion about LSPD-T: A growth stock in tech, so it is twice as volatile as most stocks. More speculative than most, though not expensive right now. It made a low recently around $7, so it's move up a lot since then. Too risky for him. But if it re-test the recent low and holds, that's…

Opinion about DND-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research Under activists' pressure, the CEO has decided to step down, which was likely because the company decided it was going to lose anyway in the upcoming special shareholders' meeting. DND says it has received expressions of interest from ''inbound parties', at 'attractive…

Opinion about TC-T: Sold because its ROIC returns started to get a bit wonky. In fact in last 3 years, ROIC has been negative. Satellite internet access has eaten the lunch of fibre. Hard to form a moat around its domain business. Wait for ROIC to be in excess of 20% for at least 3…

Opinion about SYZ-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research Revenue was up 3% to $16.3 mln for the quarter. SaaS ARR was up 15% and total ARR was up 6%. Net revenue retention was 108%. Bookings looks positive as well. Overall it looked like a solid quarter as the company begins…

Opinion about CSU-T: Founder-run, founder-owned. Very strong and consistent ROIC. Doesn't require a lot of capital growth. Uses a bit of debt, but it's done very effectively because it's able to generate such strong returns. Decentralized model lets them download capital allocation decisions from head office to the business units. Only drawback now is valuation,…

Opinion about T-T: T vs. BCE Become differentiated when you drill into the metrics. Both suffering from credit downgrades. Took on a lot of debt for 5G buildout, but weren't able to increase pricing. Number of immigrants has slowed. Lots of price competition, just as elsewhere in the world.In last quarter, increased dividend. Less risky…

Opinion about DCBO-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research EPS of 28c beat estimates of 24c; revenue of $57M beat estimates of $56.1M. EBITDA of $9.5M beat estimates by 3%. But guidance came in light at $57M, vs estimates of $58.7M. Expected F/x headwinds really hurt guidance. Sales rose 16%. EPS…

Opinion about TIXT-T: IT services and support style business model. Company not performing well in the markets. Debt also a concern. Would not recommend investing. 

Opinion about QTRH-T: They dominate US market share in electronic toll roads, and lead in weight-in-motion in trucks. This space is getting more technology driven. They had low-margin contracts a few years ago, but those are turning around, so we will see wider margins. Recent quarters are guiding towards that under new management. They have…

Opinion about PZA-T: Monthly dividend of 7.75 cents. Pretty range-bound, between $12-15, for a couple of years. Looks as though it's pulled back into the middle. Steady stock, steady and mature business. More of a yield play. Yield is 7%.

Opinion about QSR-T: (A Top Pick May 02/24, Down 4%)Reports tomorrow. Trades at 20x EBIT over EBITDA, about normal. Shares are below a declining 200-day MA, but still above 200-week MA. Rising input costs of labour and commodities, as well as competition, have really held shares back. Question of saturation in Canada. Challenge to scale…

Opinion about PET-T: (A Top Pick Nov 12/24, Up 17.8%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with PET is progressing well.  To remain disciplined, we recommend trailing up the stop (from $23) to $26 at this time.  

Opinion about SOY-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research We think investors can wait. With a highly leveraged balance sheet, very weak momentum, economic concerns and a history of mixed results and losses, we do not think it is the type of stock to own in the current market environment, especially…

Opinion about TSAT-T: (A Top Pick Dec 14/23, Down 21.5%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with TSAT has triggered its stop at $11.  To remain disciplined, we recommend covering the position at this time.  

Opinion about RAY.A-T: Is fairly illiquid, but profitable and pays a 6.6% dividend. Price targets are high, so there's a runway ahead. But two-thirds of the business is concentrated in Canada, and a big risk is if song royalties rise. It's profitable though. He's watching it.

Opinion about DCM-T: Small player in packaging, did large acquisition last year. Growing quickly. Very cheap. If you need to own something in the space, look at this name.

Opinion about SIS-T: (A Top Pick May 24/24, Up 5%) It was much better last October before US tariffs happened. He doesn't expect SIS will suffer much or any tariff impact, because they are covered under USMCA and are considered medical products for the elderly. He likes the demographic trend of aging at home, especially…

Opinion about CGX-T: It was a darling, a great business years ago that generated tons of free cash flow. He once owned it. Then, it was supposed to be bought, but bad luck saw Covid hit and the deal died. Great management and still a good business that generates cash, but times have changed--there are…

Opinion about LEV-N: He sees it as a short. The stock has moved down for two years. The revenue growth has been impressive but not even close to profitable.

Opinion about ADW.A-T: Stores may or may not be impacted by Ontario government rolling out more retail locations. The Pellers stepped down from the board, possibly planning a bid to privatize the company but he's not really sure.

Opinion about BYL-T: Notoriously volatile. BYL has had a rough ride in recent years, but has fixed their balance sheet after selling their money-losing mobile business based in Korea. Are now focused on embedded antennas, infrastructure and satcom. They just announced a big stadium deal in South American for their wireless antennas, in which they…

Opinion about TGO-T: (A Top Pick Mar 26/18, Up 97%) They smartly bought some spectrum rights a few years ago, and now they're on the fringe of the 5G spectrum. So the value of their spectrum rights will be realized later this year. He took profits, and would be lightening up on this now as…

Opinion about BCE-T: Now is probably the time to buy if you want to take a position. At $30 it is reasonably cheap. He likes the dividend cut which gives it financial flexibility and the opportunity to pay down debt. The dividend is still quite high at 6% and is stable. Market fears are somewhat…

Opinion about STN-T: Banner earnings report. Revenues are growing faster than analysts expected. Into environmental architectural projects, especially in Canada and US. Up 25% YTD. Long-term compound annual return would be ~15%. Right spot, right time.

Opinion about SAP-T: (A Top Pick Feb 05/25, Up 12%) The US is their biggest market where there's overcapacity in milk-cheese, so SAP has to work through that. They used to earn 10% operating margins there, but now it's a loss. But if they recover there and continue to grow in Canada and internationally, this…

Opinion about CTC-T: Traditional bricks and mortar business that will face competition from eCommerce. Undifferentiated shopping experience that is not enjoyable. Discretionary product offering makes it difficult to retain customers. Would not recommend investing at this time. Housing slowdown in Canada will also be hard on the business. 

Opinion about CTC.A-T: Can't tell what the impact of a trade war will be; they receive a lot of Asian goods. Also, this is consumer-dependent which is a risk. They are selling Helly Hanson at a profit and will reinvest funds in tech. They're buying back shares. Not a bad business and are profitable, but…

Opinion about QBR.A-T: It's cheap, and surprised shares haven't moved higher. They will buy wireless assets from Shaw to become the #4 player in Canadian telcos. Valuation is lower than its peers.

Opinion about QBR.B-T: (A Top Pick Jan 23/24, Up 3%) Benefiting from the Freedom Mobile purchase. Able to expand in Ontario and Western Canada without deploying too much capex. Very high ROE and free cashflow, allowing them to lower debt and obtain investment-grade rating on bonds. Aggressively buying back shares. Best-performing telecom stock this year.

Opinion about PRMW-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research. Pure-play water exposure; sustainability trend. Strong position globally; renewed water focus. Attractive valuation; good dividend. Debt recently lowered but still high. Unlock Premium - Try 5i Free

Opinion about LNF-T: How do you feel about the consumer? This name is based on sentiment and consumer's comfort with buying big-ticket items. Dominant player in Canada. He wants companies that can grow 20+% a year, and he struggles with being able to sell 20% more couches, etc. Conservative choice. Don't buy right now.Just because…

Opinion about GOOS-T: Good proxy for health of consumers in Canada. Luxury item that is discretionary. Hard to excited about this style of business. Not seeing major spending from average population. Better options for investors out there. 

Opinion about KBL-T: Boring laundry business, but stable long-term contracts. Hotels, hospitality, healthcare. Used to be predominantly in Canada, but a series of small acquisitions in UK. Big, transformational acquisition in UK yesterday, making them a regional player. Immediately accretive, synergies to be gained. Revenue split between Canada and UK now 50/50. Issued equity, stock…

Opinion about Y-T: (A Top Pick Nov 22/18, Up 12%)Convertible 8% 2022 bonds He owned the Yellow senior bonds, but then moved into these convertibles. Most of their revenues are in digital, but that has struggled. New management has cut costs a lot until free cash flow now stands around $100 million this year. Their…

Opinion about HLF-T: Value. Leaders in frozen seafood in Canadian retail and US institutional. PE of 7x. Buying back stock, paying down debt. Increased dividend by 30% last year. Yield is 4.51%. (Analysts’ price target is $15.42)

Opinion about ICE-T: This hardly trades at all. Insiders own a very big chunk of it, about 75%. They own ice rinks and an adult hockey league. Revenue has been mostly flat for the past 5 years. There is about $45 million in net debt on a $50-$60 million market cap company. Pays a 2%…

Opinion about FTS-T: She likes this name, mainly because of its geographic diversification. Also has more US utilities than peers, growing just a little bit faster.

Opinion about TA-T: (A Top Pick Apr 29/25, Up 14.4%)Stockchase Research Editor: Michael O'Reilly Our PAST TOP PICK with TA is progressing well.  To remain disciplined, we recommend trailing up the stop (from $9.50) to $11.00 at this time.

Opinion about GRN-T: Likes the sector, lots of runway. Renewable natural gas. Governments are increasing demand. On his radar. Will look at again when risk appetite in the market returns.

Opinion about BIP.UN-T: (A Top Pick Apr 01/24, Up 16%) Came out of it last December after the election on concerns of a global economy challenged by tariff policies. Riding coattails of general market recovery over last few weeks. Still well positioned down the road for global clean energy, but not right now.

Opinion about INE-T: This is how he'd play the renewable energy trade. Thinks rates will go higher next year, which makes him cautious. If that's the case for rates, a lot of the bond proxies like utilities and REITs are going to come under pressure. A bit more upside potential, but for a trade.

Opinion about H-T: (A Top Pick Jul 12/24, Up 11%) It broke out since mid-July but has been sideways lately. As long as the stock holds at lows around $44, fine, but if it breaks below that, there will likely be more downside.

Opinion about AQN-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research AQN is cheap, trading at 11.8X forward EV/EBITDA and 1.0X book. Its assets are likely worth more individually than its current market cap, making a good case for the sum-of-parts equation. But, management has recently outlined a plan to turn the company…

Opinion about GRN-T: Likes the sector, lots of runway. Renewable natural gas. Governments are increasing demand. On his radar. Will look at again when risk appetite in the market returns.

Opinion about BEP.UN-T: Lots of hydro power, a long-life asset. Partnership with CCO for Westinghouse nuclear (and she's pretty bullish on nuclear power generation).

Opinion about EMA-T: (A Top Pick Feb 05/24, Up 34%) Largest distribution utility is in Florida, where population growth has soared since pandemic. Regulator in Florida is easy to deal with. Diversified. Benefits from a risk-off mentality in the market.

Opinion about TRUL-CN: It's a vertically integrated medical marijuana company that is dominant in Florida with a growing presence in the US northeast. They grow, process and sell at their own stores. They just opened their 73rd this week. They've been turning a profit since 2017 and keep posting good numbers. Too bad it trades…

Opinion about AND-T: (A Top Pick Sep 18/23, Down 7%) The segment that it's in will continue to grow, and this company is well positioned. As a medium-term play, opportunities to the upside.

Opinion about CRRX-T: (A Top Pick Nov 09/21, Down 51%) The largest provider of pharmaceutical services in Canada. Growing organically and by acquisition. Has higher labour costs - margins should be compressed short term but not longer term. Good management.

Opinion about JWEL-T: Bottomed back in 2023. Since then a defined uptrend, with higher highs and higher lows. Chart looks good, stock remains in a trading range. Next upside target is ~$40.50.

Opinion about WELL-T: Trevor Rose’s Insights - Trevor’s most-liked answers from 5i Research The quarter was good. The question referenced was asking what it would take to get the stock moving more. We answered that debt and cash flow need to improve to get a higher valuation.  We are comfortable with the outlook and current…

Opinion about GUD-T: Numbers are OK, but not fantastic. Better names in the sector. Lot of respect for management. May not be able to recapture the glory days of buying rights to distribute older drugs.

Opinion about CPH-T: It could become the next Paladin. It has great management and ownership along with a good outlook. It made a big acquisition in the U.S. and if the first two quarters go well the stock could go up.

Opinion about DR-T: Has pulled back a lot. It holds US medical property. It has suffered inflationary pressures, but will diminish in 2023 and the stock will recover. Don't sell it in the current Dutch auction.

Opinion about EDT-T: There is nothing more powerful than a base breakout, and this had one in February of this year. This one is on a trend line right now and there is absolutely nothing wrong with the chart.

Opinion about NLH-X: Doesn't know much about this. Shied away from it for now, because it doesn't trade much. Has the potential to be a bigger small-cap healthcare company, an area that he likes.

Opinion about VHI-T: Great name. Valuation is a premium multiple, and well deserved. Management's done well. Wouldn't step in now, but only because of valuation. If you buy now, you'll do well over time. Favourite among investors. No trouble raising capital.

Opinion about CRRX-T: (A Top Pick Nov 09/21, Down 51%) The largest provider of pharmaceutical services in Canada. Growing organically and by acquisition. Has higher labour costs - margins should be compressed short term but not longer term. Good management.